1. Contents of the replication folder. The replication materials contains the following folders and files

/boards_rep_v2
– analysis_data_no_proprietary.csv: the analysis data with variables constructed using proprietary data replaced with NAs (see instructions for creating the analysis dataset below).
– analysis_script.R: code for analysis models
– boards_rep_script.R: master R script to run all replication code
– clean_data_script.R: clean firm-year-level data and create firm-year-level variables
– codebook.pdf: codebook for the primary analysis datasets
– datasets.pdf: source datasets for the project
– name_match_script.py: fuzzy matching for firm names across datasets
– readme.txt: basic instructions for replication


/boards_rep_v2/data
– all climate coalitions.csv: Panel of members of coalitions and memberships in coalitions, lobbying activity, and other member data. Source: Cory, Lerner, and Osgood (2020), dx.doi.org/10.7910/DVN/W08NIR.
– boardex_companies_1933_2021.csv: BoardEx ``North America Company Profiles'' panel for 1933 to 2021. Source: Wharton Research Data Services, https://wrds-www.wharton.upenn.edu/. Accessed 24 July 2022.[not included in replication file -- see instructions below]
– boardex_compustat_link.csv: Linking Suite by WRDS ``BoardEx CRSP Compustat Link'' correspondence table for BoardEx and CRSP-Compustat. Source: Wharton Research Data Services, https://wrds-www.wharton.upenn.edu/. Accessed 24 July 2022. [not included in replication file -- see instructions below]
– boardex_managers_1933_2021.csv:  BoardEx ``North America Organization --- Composition of Officers, Directors, and Senior Managers'' panel for 1933 to 2021. Source: Wharton Research Data Services, https://wrds-www.wharton.upenn.edu/. Accessed 24 July 2022. [not included in replication file -- see instructions below]
– bvdid_cik_crosswalk.xlsx: Correspondence table for Bureau van Dijk indicator number (BvD ID) and SEC Central Index Key number company codes. Source: Bureau van Dijk. 2022. \textit{Orbis database}. https://orbis.bvdinfo.com/version-2022714. Accessed 1 August 2022. [not included in replication file -- see instructions below]
– cdp_2006_2009_publicly_responding_companies.xlsx: List of investor-requested companies that responded publicly to the Carbon Disclosure Project questionnaire between 2006 and 2009. Source: Ruth Clark Wilkins, Carbon Disclosure Project. Email correspondence on 15 October 2021.
– climate actors basic covariates cleaned with outcomes.csv: Basic covariates for political active firms from Orbis. Source: Cory, Lerner, and Osgood (2020), dx.doi.org/10.7910/DVN/W08NIR.
– climate coalitions progress.csv: List of all coalitions and associated metadata. Source: Cory, Lerner, and Osgood (2020), dx.doi.org/10.7910/DVN/W08NIR.
– compustat_1987_2021.csv: Compustat firm financial panel data for 1987 to 2021. Source: Wharton Research Data Services, https://wrds-www.wharton.upenn.edu/. Accessed 24 July 2022. [not included in replication file -- see instructions below]
– cur_report.csv: Data on lobby expenditures using keyword search query. Source: OpenSecrets.org. Bulk Data Downloads. Center for Responsive Politics. https://www.opensecrets.org/bulk-data/downloads. Accessed on 29 January 2018. [from Cory, Lerner, and Osgood (2020), dx.doi.org/10.7910/DVN/W08NIR]
– esa_ghg_naics6.csv: CO2 emissions intensities (Mmt CO2/Billion 2000$ of output) and emissions (Mmt CO2), levels and outputs for Iliad detailed sectors, and aggregate NAICS sectors (1998, 2002, 2006). Source: Economic and Statistics Administration. April 2010. ``U.S. Carbon Dioxide Emissions and Intensities over Time: A Detailed Accounting of Industries, Government, and Households.'' U.S. Department of Commerce. Tables A61, A62, and A63. https://www.commerce.gov/news/reports/2010/04/us-carbon-dioxide-emissions-and-intensities-over-time-detailed-accounting. Accessed 23 February 2020. [from Cory, Osgood, and Lerner (2020), dx.doi.org/10.7910/DVN/W08NIR].
– flpr_firmquarter_2020q4.csv: Firm-level political risk through 2020. Source: Hassan et al. (2019) https://doi.org/10.1093/qje/qjz021. Accessed 11 August 2021 via https://sites.google.com/view/firmrisk/download}{https://sites.google.com/view/firmrisk/download.
– Investor CDP [year]_Public Data.xlsx: Public responses to the Carbon Disclosure Project questionnaire from investor-requested companies for 2010--2019. Source: Carbon Disclosure Project https://www.cdp.net/en/data/corporate-data. [Not included in the replication file --- see instructions below] 


/boards_rep_v2/data/group_panels
-each of the following is the membership data for the coalition listed first in the name [all from Cory, Lerner, and Osgood 2020: dx.doi.org/10.7910/DVN/W08NIR]
advanced energy economy members.csv
advanced energy management alliance members.csv
alliance for climate strategies members.csv
alliance for energy and economic growth members.csv
alliance for industrial efficiency members.csv
alliance to save energy members.csv
american business for clean energy members.csv
american coalition for clean coal energy members.csv
american college and university presidents' climate commitment members.csv
american council for an energy-efficient economy members.csv
american council on renewable energy members.csv
american sustainable business council members.csv
americans for affordable climate policy members.csv
americans for balanced energy choices members.csv
apollo alliance members.csv
balanced energy arkansas members.csv
balanced energy for texas members.csv
building decarbonization council members.csv
business council for sustainable energy members.csv
business council on climate change members.csv
business environmental leadership council members.csv
business for innovative climate and energy policy members.csv
california business alliance for a clean economy members.csv
carbon pricing leadership council members.csv
carbon utilization research council members.csv
center for energy and economic development members.csv
center for north american energy security members.csv
ceres members.csv
climate action business association members.csv
climate and clean air coalition members.csv
climate leadership council members.csv
climate markets and investment association members.csv
coalition for affordable and reliable energy members.csv
coalition for american jobs members.csv
coalition for emission reduction projects members.csv
coalition for vehicle choice members.csv
connecticut sustainable business council members.csv
consumer energy alliance members.csv
cooler heads coalition members.csv
corporate climate alliance members.csv
domestic energy producers alliance members.csv
electric reliability coordinating council members.csv
energy institute of alabama members.csv
energy2030 members.csv
global alliance for energy productivity members.csv
global climate coalition members.csv
global investor coalition on climate change members.csv
informed citizens for the environment members.csv
international climate change partnership members.csv
interwest energy alliance members.csv
iowa sustainable business alliance members.csv
midwest energy efficiency alliance members.csv
midwest ozone group members.csv
new jersey energy coalition members.csv
new jersey sustainable business council members.csv
nextgen energy council members.csv
north american climate smart agriculture alliance members.csv
northeast energy efficiency partnerships members.csv
northwest energy coalition members.csv
northwest energy efficiency alliance members.csv
oil and gas climate initiative members.csv
partnership for a better energy future members.csv
partnership for affordable clean energy members.csv
pennsylvania coal alliance members.csv
second nature members.csv
south central partnership for energy efficiency as a resource members.csv
southeast energy efficiency alliance members.csv
southwest energy efficiency project members.csv
sustainable business network of massachusetts members.csv
sustainable energy coalition members.csv
sustainable silicon valley members.csv
the climate group members.csv
united states climate action partnership members.csv
university climate change coalition members.csv
utah clean energy members.csv
utility air regulatory group members.csv
we are still in members.csv
we can lead members.csv
we mean business members.csv
west virginia coal association friends of coal members.csv
western business roundtable members.csv
wisconsin industrial energy group members.csv
world business council for sustainable development members.csv

/boards_rep_v2/data/replication_ids
– boardex_companies_1933_2021_identifiers.txt: List of BoardEx Company IDs (for boardex_companies_1933_2021.csv). Created by the authors.
– boardex_managers_1933_2021_identifiers.txt: List of BoardEx Company IDs and Manager IDs (for boardex_managers_1933_2021.csv). Created by the authors.
– bvdid_identifiers.txt: List of Bureau van Dijk indicator numbers (BvD ID) (for bvdid_cik_crosswalk.xlsx). Created by the authors.
– cdp_2010_2019_identifiers.csv: List of CDP company names and reporting years (for Investor CDP [year]_Public Data.xlsx). Created by the authors.
– compustat_1987_2021_identifiers.csv: List of Compustat-Capital IQ Global Company Key (gvkey), date of reporting (datadate), and ticker (tick) (for compustat_1987_2021.csv). Created by the authors.

/boards_rep_v2/output
– placeholder.txt: This document is to create a placeholder so that the output subfolder is created when the replication file is downloaded.
** the replication materials should write all output tables/figures to this folder

/boards_rep_v2/working_files
– placeholder.txt: This document is to create a placeholder so that the working files subfolder is created when the replication file is downloaded.
** the replication materials should write all intermediate files to this folder


2. General replication directions and R scripts
- to replicate the data assembly and analysis, 1) download all proprietary data files (see instructions below) and 2) run the script boards_rep_script.R, which runs clean_data_script.R (to create the analysis data sets) and then analysis_script.R (to run models, calculate descriptive statistics, and generate figures). 
** you must set a working directory with a path leading to the folder containing boards_rep_v2.
** the complete replication takes around 20 hours
** all replicated tables and figures are written to boards_rep_v2/output.

-to replicate only the assembly of the main analysis datasets, run boards_rep_v2/clean_data_script.R

3. Directions for downloading proprietary data files
- the data rely on four proprietary data sources: (3.1) Capital IQ Compustat, (3.2) BoardEx, (3.3) CDP Worldwide, and (3.4) Bureau van Dijk. We cannot include these data in the replication file due to restrictions on the use of these data.
** place downloads of all proprietary data files in boards_rep_v2/data/
** the databases evolve over time, leading to slightly different records depending on date of download.

3.1 Capital IQ Compustat
- data on public firms is made available through Compustat - Capital IQ via Wharton Research Data Services (https://wrds-www.wharton.upenn.edu/). Within Compustat, our data comes from "Fundamental Annual" of Compustat North America. Note that a subscription is required to access the database. 
- compustat_1987_2021.csv: On the Query form we select Data Date for the Date Variable, and use 1987-01 to 2021-07-31. For company codes, select "Search the entire database"; screening variables are left at the default. Select the following variables in step 3: {gvkey fyear tic cusip conm fyr act dp emp oibdp pidom pifo ppegt revt sale xlr exchg cik naicsh conml loc naics sic state}. {datadate indfmt consol popsrc datafmt curcd costat} are provided automatically. Select .csv for the query output. We downloaded these data on 24 July 2022. 
** csv listing all relevant Compustat identifiers {gvkey datadate tic}: boards_rep_v2/data/replication_identifiers/compustat_1987_2021_identifiers.csv


3.2 BoardEx
- data on firm directorships is made available through BoardEx via Wharton Research Data Services (https://wrds-www.wharton.upenn.edu/). Note that a subscription is required to access the database. 
- boardex_companies_1933_2021.csv: under BoardEx - North America, click on "Company Profile" and then "Company Profile Details". Select the dates 1933-2021, select "Search the entire database", select the variables {BoardName BoardID Ticker CIKCode}, and select the .csv output format. We downloaded these data on 24 July 2022.
** csv listing all relevant BoardEx identifiers for the companies dataset {CompanyID}: boards_rep_v2/data/replication_identifiers/boardex_companies_1933_2021_identifiers.csv
- boardex_compustat_link.csv: Under Linking Suite by WRDS, click on "BoardEx CRSP Compustat Link". Select "Search the entire database", select all variables, and select .csv for the query output. We downloaded these data on 24 July 2022.
- boardex_managers_1933_2021.csv: Under BoardEx - North America, click on "Organization Summary" and then "Organization - Composition of Occurs, Directors and Senior Managers". Select the dates 1933-2021, select "Search the entire database", select all available variables, and select the .csv output format. We downloaded these data on 24 July 2022.
** csv listing all relevant BoardEx identifiers for the managers dataset {CompanyID, DirectorID}: boards_rep_v2/data/replication_identifiers/boardex_managers_1933_2021_identifiers.csv

3.3 CDP Worldwide
- data on firm carbon disclosure reporting is made available by CDP Worldwide (https://www.cdp.net). Note that a subscription is required to access the database.
- Investor CDP [year]_Public Data.xlsx: download the public responses to the Carbon Disclosure Project questionnaire from investor-requested companies for 2010--2019. 
** csv listing all relevant CDP identifiers {cdp_name, cdp_account_no, cdp_year}: boards_rep_v2/data/replication_identifiers/cdp_2010_2019_identifiers.csv

3.4 Bureau van Dijk
- the correspondence table for linking bvdids to SEC CIK numbers is made available through the Bureau van Dijk's Orbis database. Note that a subscription is required to access the database. 
- bvdid_cik_crosswalk.xlsx: In the Bureau van Dijk Orbis web interface (orbis.bvdinfo.com), click "Add a search step", "Identifiers", and BvD ID number. Then select "Load from file" and upload "bvdid_identifiers.txt" and click "Apply". Click "OK" (some bvdids will not match). Uncheck "1. Status: Active companies, Unknown situation" and then select "VIEW RESULTS". Click "Add/remove columns", remove all of the default columns, and add "BvD ID number" and "Other company ID number" (select "Save" when prompted), and click "Apply". Download the data as an Excel with the "Options for Excel" set as "Include the search strategy" unchecked, "Export each value to a distinct cell" selected and "Duplicate the data of the other cells" checked. We downloaded these data won 1 August 2022.
** txt listing all relevant bvdid numbers for the correspondence table: boards_rep_v2/data/replication_identifiers/bvdid_identifiers.txt

4. The version of R that was used to run these scripts is:
"R version 4.1.3 (2022-03-10)" and the version of python was python3.

The operating system is:
Platform: MacBook Pro 2.4Ghz 8-core Intel Core i9
Running under: macOS Monterey version 12.3.1

5. Additional dependencies: Note that all libraries are loaded at the beginning of the scripts described in part 2.

# clean_data_script.R: clean firm-year-level data and create firm-year-level variables
lubridate_1.8.0	Matrix_1.4-1	parallel_4.1.3	pbapply_1.5-0	
plyr_1.8.7	readxl_1.4.0	reticulate_1.25	sna_2.7	
stringi_1.7.8	tidyverse_1.3.2	tm_0.7-8

# name_match_script.py: fuzzy match firm names across databases
ftfy_6.0.3	pandas_1.1.5	scikit-learn-0.23.2

# analysis_script.R
car_3.1-0	MASS_7.3-58	Matrix_1.4-1	parallel_4.1.3
pbapply_1.5-0	plm_2.6-1	sna_2.7		tidyverse_1.3.2
xtable_1.8-4